Important Changes to Stamp Duty: What You Need to Know

As of October 31st, 2024, the Stamp Duty Land Tax (SDLT) surcharge on second homes has risen from 3% to 5% above standard residential rates. This new rate is aimed at slowing down purchases of additional properties and could impact individuals who are in the process of selling their first property after acquiring their new main residence.

Who Does This Impact?

Anyone buying a second home or additional property, including those who haven’t sold their old primary residence yet.
Those who have signed contracts before October 31st, 2024, can still benefit from the old rate if certain rules are met.

Signed a Contract Before October 31, 2024?

If you signed a contract before this date but the sale completes after, you may still be eligible for the 3% surcharge rate if:

No major changes are made to the contract after October 30th, 2024.
There are no added clauses or rights assigned to someone else.

New Stamp Duty Rates for Second Homes: What You Need to Know

Starting October 31, 2024, the Stamp Duty Land Tax (SDLT) surcharge on second homes has increased from 3% to 5% above standard residential rates. This means buying a second home will now be more expensive, as the government aims to slow down the purchase of additional properties.

Who Does This Impact?

Anyone buying a second home or additional property, including those who haven’t sold their old primary residence yet.
If you signed a contract before October 31, 2024, you might still benefit from the old 3% rate, provided certain conditions are met.

Changes to Residential Rates

Additionally, underlying residential tax rates will change on April 1, 2025. These adjustments will affect all homeowners, so it’s important to stay updated.

It’s crucial to talk to an advisor

Get in touch, if you’re in the process of buying or selling a home. It’s crucial to talk to an advisor to understand how these changes might impact you, for example, for a second home costing £200,000, the stamp duty will now be £10,000 at the new 5% rate, up from £6,000 at the previous 3% rate.

For more information on Stamp Duty, visit the GOV.UK page.

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 26/08/2026
 
 
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 22/07/2026
 
 
  We have recently re mortgaged and whilst staying with our existing lender should have been the easiest option it proved to be very difficult. I was then advised to try Oviso and we didn't look back. From an initial meeting with Matt at his office in Derby the whole process has been trouble and stress free. We can't thank the team enough
  
 
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Important Changes to Stamp Duty: What You Need to Know

Who Does This Impact?

Signed a Contract Before October 31, 2024?

New Stamp Duty Rates for Second Homes: What You Need to Know

Who Does This Impact?

Changes to Residential Rates

It’s crucial to talk to an advisor

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